Reddit Files to Move Ahead With IPO After Two Years on Sidelines
Feb 23, 2024 - bloomberg.com
Reddit Inc. has filed for an initial public offering (IPO), marking a significant step in the social media platform's journey towards going public. The San Francisco-based company's filing revealed its shrinking losses and is expected to boost a resurgence in US listings. The move comes more than two years after Reddit first confidentially submitted its plan to the US Securities and Exchange Commission.
The company reported a net loss of $90.8 million in 2023, and its listing could be a major test for VC-backed tech IPOs in 2024. This development is set to be one of the biggest listings of the year.
Key takeaways:
Reddit Inc. has filed for an initial public offering.
The social media platform revealed its shrinking losses.
The filing could help propel a resurgence in US listings.
The San Francisco-based company's IPO is set to be one of the biggest listings of the year.
